https://www.worldenergynews.com/news/citi-bullish-big-oil-but-differ-shell-671181
MS, Citi Bullish on Big Oil, but Differ on Shell
Says the intrinsic value of IOC upstream businesses is currently at 5.3x 2020E EV/debt-adjusted cash flow vs traditional U.S. E&P companies trading at 5.7x.